Affordable Housing or Lack Thereof
New York City has worked hard to present an appealing and welcoming image to the rest of the world, attracting a record number of visitors who spend money here and invest in city real estate. They create thousands of jobs and over $50 billion in economic activity. Tourism, hotels and construction are some of the largest economic and tax generators for our city.
Seven years ago, when the Westside mega-development known as Hudson Yards was but a twinkle in the collective eye of real estate moguls and Bloomberg officiates, grumbling had already begun about inequality among the neighborhood’s residents. Those residents, of course, had yet to arrive. And the complaints seemed stranger still given that Hudson Yards had, Read More
We wonder… when Citigroup’s chief economist was looking for a condo, did he ask his broker: “Would you tell me please, which way I ought to go?”
And did the broker reply: “that depends a good deal on where you want to get to.”
That’s the Carroll quote that Willem Buiter started his attention-grabbing paper Alice in Euroland with. Why not his house hunt?
It seems like only yesterday we were standing on the 67th floor of Extell Development’s One57, but these towers have a tendency to move fast, and now Gary Barnett has surmounted those final 20-odd floors, bringing his 90-story, record-setting tower to it final height or 1,005 feet over Manhattan.
That record setting price helped Mr. Barnett achieve a record sale on the penthouse, now taking shape, that sold for more than $90 million.
Intrigue is afoot tonight as real estate sleuths are likely curious to find out who has paid at least $90 million for a 10,923-square-foot penthouse on the upper floors of One57. According to a report in the New York Times the buyer’s home country and name won’t be revealed, and neither will the precise amount paid for the unit, which is located on the 89th and 90th floors of One57. Whoever they are, they’ve topped the $88 million paid earlier this year by a trust for Ekaterina Rybolovleva, the daughter of billionaire Russian Dmitry Rybolovlev. Every square foot of the residence is apparently worth a new-ish, gently-used car:
When Gary Barnett builds, he wants everything to be “the best,” as the Extell exec made clear in our recent profile. Bigger is not always better, but it certainly does not hurt, especially in Manhattan. That is part of the appeal of Mr. Barnett’s One57—not only will the views be dead-center on Central Park, a fact Mr. Barnett keenly brags about, but there are also the bragging rights of having the tallest residential tower in the Western Hemisphere. At 1,005 feet, it beats Frank Gehry’s 8 Spruce Street by more than 100 feet.
But this is New York, and the record will never hold for long, as competitors like the MoMA tower and 432 Park start to rise. But Mr. Barnett has an ace up his sleeve just down the block, a large development site on Broadway running between 57th and 58th streets. The lot, site of the former B.F. Goodrich Building is nearly twice as large as One57′s, and more importantly the tower could be many hundred feet taller, as well, as Mr. Barnett continues to assemble air rights and properties, one of his favorite parts of the business.
For this stratospheric project he also turned to several top-shelf designers, none of whom Extell has ever worked with before.
Well, that didn’t take long. One57, that prime slab of midtown real estate, is already attracting top foreign-dollar, The Post reports. Apparently both Chinese and Russian tycoons are in contract to buy eight figure units in thee building, which comes as little surprise. Extell, the developers behind One57, have been unabashedly courting foreign buyers for months.
The constant one-upmanship that has come to define New York’s luxury real estate market has reached new heights. After the record-breaking sale at 15CPW, Extell developers price hiked their penthouse at One57, The Journal reports, raising the price from $98 million to an astonishing $110 million.
No Surrender, No Retreat
Gary Barnett continues to bulldoze his way across the city. Just last week, his Extell Development unveiled plans for a new tower at Riverside South; found a partner for a stalled 50-story hotel near Times Square; and secured $700 million in financing from Abu Dhabi toward One57, the condo-hotel tower on West 57th Street that will be the tallest, and likely most expensive, when it is completed. As if that were not enough, the developer has begun work just down the block on another of its long-simmering projects.
Fifteen Central Park West, be worried. Very worried.
Today, The New York Times reports on Gary Barnett’s long-fallow hole on West 57th Street, across from Carnegie Hall, which, now that he has some big Middle Eastern backers, he is turning into the city’s tallest, and perhaps most expensive, condo project. The price Read More